Bank financial performance evaluation is of utmost importance in measuring the success of banks in their financial roles and functions. However, in the financial markets of the United Arab Emirates and Gulf Cooperation Council, there is a lack of research relating to the evaluation of financial performance among banks, particularly through economic value added (EVA). Therefore, this study aims to evaluate the financial performance of banks in the United Arab Emirates using return on asset and return on equity (ROA, ROE) as well as economic value added (EVA) using the CAMELS standard. This study used data from a total of 15 local banks in the United Arab Emirates. This study used descriptive and experimental methods, analyzing secondary data using the SPSS software. It was used to analyze a series of samples collected from annual bank statements, official websites, and official banking reports of the banks in 2015–2020. The research results showed that the CAMELS variables were significant in the ROA, ROE, and EVA models, except for financial liquidity and sensitivity to market risk, which showed little effect on ROA and ROE. The study showed that the EVA model has a better explanation for the bank’s financial performance compared to ROA and ROE. Future research may use the CAMELS standard and the EVA model to evaluate financial performance among banks. In addition, this study will contribute to helping researchers to evaluate the financial performance of banks using the CAMELS standard.